TRENTON — New Jersey is negotiating to reclaim part of nearly $162 million paid to insure the Hudson River rail tunnel project that Gov. Chris Christie scrapped four months ago. An official says locking in insurance coverage saved taxpayers millions because it insulated the project from potential price increases. NJ Transit told The Record newspaper it is negotiating with...
Construction workers work on a support to Tonnelle Avenue at the ARC tunnel construction site in North Bergen in this September photo.TRENTON — New Jersey is negotiating to reclaim part of nearly $162 million paid to insure the Hudson River rail tunnel project that Gov. Chris Christie scrapped four months ago.
An official says locking in insurance coverage saved taxpayers millions because it insulated the project from potential price increases.
NJ Transit told The Record newspaper it is negotiating with a group of 20 insurance companies.
NJ Transit's government and external affairs chief Paul Wyckoff told the newspaper in a written response the talks are focused on protecting taxpayers.
Christie scrapped the $8.7 billion project, which sought to double rail passenger capacity between New Jersey and Manhattan, because of potential cost overruns.
Previous coverage:
• Mulshine: Raiders of the lost ARC: Stop them before they toll again
• N.J. congressional delegation supports Christie's decision to fight $271M bill for ARC tunnel
• Gov. Christie is appealing $271M bill from U.S. government for ARC tunnel
• N.J. faces deadline to pay federal government for canceled ARC tunnel
• N.J. is given final deadline to appeal or repay $271M ARC tunnel bill
• N.Y. Sen. Charles Schumer slams Gov. Christie for redirecting ARC tunnel funds to N.J. roads
• N.J. Democrats push to end toll hikes intended to fund canceled ARC tunnel
• Decision on whether N.J. will pay bill for canceled ARC tunnel is delayed until next week
• Gov. Christie plans to use ARC tunnel money to pay for repairs to N.J. bridges and roads